The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.298 trillion to the three tiers of government as Federation Allocation for the month of September 2024. This amount is from a gross total of N2.298 trillion, which includes Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference, and Augmentation of N150 billion.
Breakdown of Allocation:
– Federal Government: N424.867 billion
– States: N453.724 billion
– Local Government Councils: N329.864 billion
– Oil Producing States: N90.415 billion (13% of Mineral Revenue)
Revenue Sources:
– Gross Statutory Revenue: N1.043 trillion (lower than the previous month by N177.426 billion)
– Value Added Tax (VAT): N583.675 billion (an increase from the previous month)
– Electronic Money Transfer Levy (EMTL): N19.213 billion
– Exchange Difference: N462.191 billion
– Augmentation: N150 billion
Sector Performance:
– Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL), and CET levies increased considerably
– Value Added Tax (VAT) and Import Duty increased marginally
– Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases
The FAAC meeting was chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
